Home Business News Babcock rejects Serco merger offer

Babcock rejects Serco merger offer

by LLB Reporter
17th Jun 19 9:20 am

Babcock the aerospace firm said they received an “unsolicited and highly preliminary proposal” by outsourcing rival Serco earlier this year.

On 23 January Serco presented the merger proposal regarding a potential all-share combination, however it was turned down by the board as it “had no strategic merit and was not in the best interests of Babcock’s shareholders, customers or wider stakeholders.”

The Navy’s nuclear submarine fleet is maintained by Babcock and rival Serco has a deal to look after the Aldmerston atomic weapons factory.

The deal would have produced a £4bn defence giant.

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